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  • Saudi Aramco Q2 profit drops 3.4 percent on lower volumes, refining margins

    Oil giant Saudi Aramco on Tuesday reported a 3.4 percent fall in second-quarter profit on lower crude volumes and softer refining margins. Aramco posted second-quarter net income of 109.01 billion riyals ($29.03 billion) in the three months to June 30, beating a company-provided median estimate from 15 analysts of $27.7 billion.

  • Houthis step up pressure on foreign organizations in Yemen

    Amid continued British-US airstrikes in Yemen, the Ansarullah movement—better known as the Houthis—has significantly intensified its intimidation tactics in the country. Since May 31, the group has arbitrarily arrested UN staff as well as employees of international and national organizations operating in Sana’a. Moreover, in June, the Houthis declared that they had detained an “American-Israeli” spy cell “directly linked to the CIA”—accusing those arrested of engaging in “espionage and sabotage in both official and unofficial institutions.” They subsequently broadcasted what appeared to be forced confessions from ten former employees of the US embassy, which closed its operations in 2015.

  • Saudi Arabia announces major labour law changes; maternity leave extended, new notice rules, more paid leave

    Wide ranging changes include the extension of maternity leave, paid leave for the death of a sibling and defined notice periods for indefinite contracts. The Ministry of Human Resources and Social Development indicated that the recent amendments to several articles of the labour law, approved by the Cabinet session on Tuesday, August 6, will contribute to creating a more attractive work environment for employees and achieving sustainable development, in line with the goals of Saudi Vision 2030.

  • The road ahead for banks in the GCC region: 7 priorities

    The financial sector in the Gulf Cooperation Council (GCC) has managed to outperform the global average on several financial metrics, according to the McKinsey & Company study, including on return on equity (by three or four percentage points), margins, and cost-to-asset ratios.

  • Saudi Arabia mitigates environmental damage by recycling 100,000 electronic devices

     Saudi Arabia has managed to recycle more than 100,000 electronic devices so as to reduce their environmental damage and build a sustainable digital future that supports efficient use of resources. The Kingdom’s collaborative efforts with the International Telecommunication Union (ITU) to develop e-waste management regulations in three countries stand out with the aim of turning major challenges into opportunities and helping these countries adopt the best sustainable solutions.

  • Saudi Arabia is now self-sufficient in fig production, says agriculture ministry

    Saudi Arabia has achieved self-sufficiency in fig production, with annual output exceeding 28,000 tonnes on 1,421 hectares of land across the country, the Ministry of Environment, Water and Agriculture has announced. In a statement posted on its website over the weekend, the MEWA said Jazan and Riyadh are the biggest producers with annual production in tonnes of 9,906 and 8,010, respectively.

  • Minister Al-Sheikh hails Saudi leadership for championing moderate Islam and combating extremism

    Ministers of Islamic affairs and endowments as well as muftis, heads of Islamic councils, associations and institutions from 60 countries are taking part in the 9th Conference of Ministers of Endowments and Islamic Affairs from Islamic Countries, which began in Makkah on Sunday. The Saudi Ministry of Islamic Affairs, Call and Guidance, is hosting the conference under the theme of “the role of ministries of endowments and Islamic affairs in promoting and consolidating the principles and the values of moderation.”

  • Saudi Arabia welcomes 27 million visitors in 2023, with GCC tourists contributing $4 billion

    Saudi Arabia’s tourism sector saw exceptional growth in 2023, with 8.6 million visitors from GCC countries alone contributing $4 billion to the kingdom’s economy, according to the Ministry of Tourism. Bahrain led as the top GCC source market with 3.4 million tourists, followed by Kuwait with 2.3 million, the UAE with 1.4 million, Qatar with 1.1 million, and Oman with 455,000 visitors.

  • E-sports World Cup and Olympics: Lasting Impact of E-sports on the Economy is in Full Display

    Revenues in the Saudi gaming sector are projected to hit $10.6 million in 2024, registering a growth rate (CAGR) of 8.90% over the next eight years, between 2024 and 2032. Much of this growth is largely driven by supportive government policies and investments, a rise in business expansion activity in Saudi Arabia, and the uptick in the popularity of e-sports among Saudis. Roughly two-thirds (67%) of the Saudi population consider themselves gamers. This signifies the rise in demand for consumption as the gaming culture continues to unabashedly take hold.

  • Market value of listed Saudi companies falls by $47.03bln, impacted by sharp drop in global markets

    The shares of 223 Tadawul listed Saudi companies declined at the end of their trading on Sunday. This is in the first trading session after the collapse recorded by global markets at the end of their weekly trading, coinciding with the decline in oil prices by more than three percent.